Prudential reinsures Japanese whole life reserves with Prismic in $5 billion deal
PRU•Prudential agreed to reinsure about $5 billion of reserves tied to USD-denominated Japanese whole life policies with Prismic, while retaining policyholder obligations and contract administration.
1. Reinsurance agreement
Prudential agreed to reinsure about $5 billion of reserves tied to USD-denominated Japanese whole life policies with Prismic. Prudential will continue administering the contracts and remains responsible for policyholder obligations; the deal brings the firms’ covered USD-denominated liabilities to more than $22 billion.
